user
Plase answer the following request: Calculate the amount of money in a bank account with an initial $100 deposit and an interest rate of 6%, compounded annually
Answer:
assistant
At the end of year 1, the amount in the bank account would be $106. In year 2, the amount would be $112.36 and at the end of the 10th year, the amount would be $160.54. This illustrates the power of compound interest.